The company is behind the web series 'Red vs. Blue'

The acquisition of Fullscreen — which is owned by The Chernin Group and AT&T's Otter Media — will add a large comedy and gaming audience and additional content production capabilities. Fullscreen will continue to support production of Rooster Teeth's existing series, including the long-running Red vs. Blue, and will help with the development of new premium formats.

Rooster Teeth was founded in 2003 and is led by Matt Hullum and Burnie Burns. The Austin-based company was part of the Machinima ad network until it went solo last year. Rooster Teeth, which has nearly 8 million subscribers to its main YouTube channel, is known for its live-action shorts, animated series, gameplay videos and comedies, such as Achievement Hunter and The Gauntlet. The company also recently raised nearly $2.5 million on Indiegogo for live-action film Lazer Team, which is currently in production.

The company will remain in Austin, with Hullum continuing to run the company as CEO and Burns as creative director.

"Rooster Teeth is one of the strongest and most authentic media brands in the world among 18- to 34-year-old, male-skewing audiences," said Fullscreen CEO George Strompolos. "The combination of its massive reach, unique creative voice and insanely powerful community makes it a perfect match for Fullscreen. Burnie and Matt are widely recognized as true pioneers in the world of online video. It's an honor to team up with them as Fullscreen continues to redefine youth media."

Rooster Teeth is the latest digital media company to get scooped up in recent months. The company's purchase follows that of Fullscreen, Maker Studios by Disney and StyleHaul by RTL Group.

Added Burns: "Matt and I are excited about the opportunities this alliance will present for our creators and all the amazing content it will empower them to produce for our audience."